WEIMAR, Germany and LONDON, August 17, 2022–(COMMERCIAL WIRE)–IBU-tec advanced materials AG and the Anglo-Norwegian mineral exploration company Norge Mining Ltd. have signed a letter of intent confirming the establishment of a strategic cooperation. Through this agreement, IBU-tec will gain access to the largest phosphate reserves in the world. As part of its long-term growth strategy, IBU-tec is sustainably strengthening the sourcing of raw materials for the production of battery materials. These raw materials can be used, among other things, in batteries intended for the field of electromobility. Several international car manufacturers use them in their lithium iron phosphate (LFP) batteries. Under the agreement with Norge Mining, it will be possible to supply IBU-tec with suitable raw materials in large quantities from a Norwegian source.
At approximately 70 billion tonnes, Norge Mining has the largest phosphate rock deposits in the world. In addition to phosphate, titanium and vanadium, which are mined in and for Western European economies, could also be traded in the near future. IBU-tec and Norge Mining will work together to manufacture precursor products with phosphate-based materials.
The first phase will focus on the exchange of information when planning the industrial production of the different precursor products that can be obtained from the raw materials of the mines in southern Norway. IBU-tec’s experience in manufacturing and especially product specification for the production of LFP accumulators is of great importance, as is the possibility of supplying IBU-tec with the corresponding Norwegian precursor products.
Given the current volatility in the supply chain and as the only European manufacturer of LFP battery materials to date, IBU-tec takes very seriously the responsibility to further secure the supply of much needed raw materials in the region. . LFP batteries are increasingly used in the fields of electromobility and stationary energy storage, among others. This plays an important role in implementing a global energy transition.
Ulrich Weitz, CEO of IBU-tec, says: “For the large-scale production of LFP battery materials, safe, reliable and, above all, sustainable raw material sources are a key requirement, especially given the current economic environment. Thanks to this cooperation with Norge Mining, we are guaranteed to source iron phosphate from European sources for years to come.The agreement also allows us to specify precursor products for battery production according to our requirements, fully control the composition of the materials and ensure that our customers receive high-quality IBUvolt® for the production of high-performance battery cells. »
Michael Wurmser, founder of Norge Mining, describes the future of this cooperation with IBU-tec: “As a supplier of critical raw materials, we offer the prerequisites for a transition to clean energy and mobility. We estimate that the number of electric vehicles registered worldwide will increase to around 500 million by 2040. Countless batteries will be needed for this. In this context, we look forward to a future-oriented partnership with IBU-tec focused on developing a reliable production of LFP cells of European origin that meets the requirements of the European market and beyond. The alliance also corresponds to current regulatory developments such as the supply chain law or the 17 United Nations Sustainable Development Goals. »
The IBU-tec group develops and produces innovative materials of the highest quality for the industry. The company combines unique technology, partly protected by patents, in the field of thermal process engineering with the process and material expertise of around 250 highly qualified employees.
Its products include material for LFP batteries, an important component in the fields of electromobility and stationary energy storage, as well as solutions for air purification, resource conservation or the reduction of plastic packaging. IBU-tec thus positions itself in the long term in the main global trends, particularly in the areas of climate and environmental protection and has an international clientele ranging from innovative medium-sized companies to multinationals.
About Norge Mining
Norge Mining Ltd. is a British-Norwegian natural resources company focused on exploring for sustainable minerals in Norway. The Company’s first mineral resource estimates from the Bjerkreim exploration project have confirmed globally significant deposits of vanadium, titanium and phosphate, critical raw materials for the EU. The European origin of these minerals is of considerable strategic importance for the independent and climate-neutral supply of western industrialized countries within the framework of secure and reliable supply chains and for ensuring a sustainable energy and mobility transition, as well as such as food safety.
Norge Mining holds 61 exploration licences, covering more than 560,000 square kilometers in southwestern Norway. The Company is currently carrying out an exploration work programme, building on previous studies carried out by the Norwegian Geological Survey (NGU). Norge Mining aims to become Norway’s leading sustainable and strategically important mining and exploration company.
Founded in November 2018, the Company is based in the UK with an exclusive Norwegian subsidiary, Norge Mineraler AS.
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IBU-tec Advanced Materials AG
dr Stefano Steck
Public and investor relations
phone +49 3643 8649-51
Norge Mining Ltd.
Mark Court / George Cleary
+44 (0) 20 7466 5000